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Green Marine and Industrial Equipment Company is a Metairie, LA-based company in the Energy and Utilities sector.
We’re an independent oil refiner and marketer, headquartered in El Paso, Texas, while operating mostly in the southwestern and western United States. Western Refining (WNR) has been publicly traded on the New York Stock Exchange since January, 2006. Western owns and operates three refineries with a total crude oil throughput capacity of approximately 246,500 barrels per day (bpd), producing primarily high-value light products such as gasoline, diesel, and jet fuel. In addition to our 131,000 bpd refinery in El Paso, Texas, we own and operate a 25,000 bpd refinery near Gallup, New Mexico and a 90,500 bpd refinery in St. Paul Park, Minnesota. These refineries and WNRL`s Wholesale business segment, which supplies a wide range of fuels, lubricants, and automotive chemicals, are how we fuel the lives of millions of people in Arizona, Colorado, Iowa, Minnesota, Nevada, New Mexico, South Dakota, western Texas, Utah, Virginia, Wisconsin, and northern Chihuahua, Mexico. Our Retail group operates approximately 260 convenience stores and gas stations located in Arizona, Colorado, New Mexico and Texas, marketed under the brands of Giant and Howdy`s. It operates approximately 169 convenience stores and supports approximately 114 franchised convenience stores, under the SuperAmerica brand primarily in Minnesota and Wisconsin. The Company also owns a bakery and commissary under the SuperMom’s brand, which markets to SuperAmerica stores and third party companies. We encourage our employees to participate, to give back, and to make a positive difference by enhancing the local life experience. It’s another important way, Western Refining is fueling our lives.
Our purpose is to assist in fueling North America’s energy requirements guided by relentless focus on our six imperatives. Honesty, integrity and commitment are vital to driving our growth and success. We maintain a high standard of business practices which translate into unparalleled value for our shareholders. To achieve our mission, we will conduct our business with these six responsibilities in mind: obey the law, stimulate economic growth, be environmentally responsible, expand opportunities for our employees, respect our vendors, and reward our shareholders. To date, the main focus of the Company has been the acquisition of low cost assets with significant development potential. The Piqua project in Kansas had been lightly developed when acquired, and its low-cost drilling and solid financial return is providing a repeatable and low-risk facet of the Company’s growth strategy. Drilling to date has been 100% successful with an average 10 months to payout of drilling expenses incurred. Reserve valuations have increased from less than $1.0 million to almost $3.0 million in the two years the Company has owned the property. The Bakken lands in Divide County, North Dakota, carry a steep development cost with wells ranging from $6.0-$8.0 million each. As a result, Legend has monetized the acreage while retaining a royalty interest, which allows the Company to continue to participate in the revenue generated through the drill bit, without any additional cost incurred. The royalty continues on the land indefinitely. As drilling on the acreage is still some time away due to priorities of the majority owners, the conversion of our interest to a royalty for Legend is currently unpredictable. Legend will participate in the revenue stream when the wells get drilled. As a non-operator, Legend will utilize the expertise and logistical capabilities of larger companies, without encumbering its balance sheet with expensive rig contracts and extraneous expenses. Legend’s Canadian acquisition affords it the opportunity to enjoy a stable production base coupled with an abundance of undeveloped land with access to a number of low-risk oil development projects. Although the Company has sold a number of smaller production properties, it still maintains a high working interest and solid production and revenue on its remaining assets. Due to saturated drilling around the Company’s Swan Hills property, reserves were drained before Legend could drill a well there. The Company was however able to monetize the small land position for a value in excess of $200,000 per flowing barrel.
Gulf Coast Pipeline Partners is a Houston, TX-based company in the Energy and Utilities sector.